Precious metals are facing a dual wave of pressure today as escalating geopolitical friction in the Middle East clashes with a hawkish regulatory outlook from the US Federal Reserve. While safe-haven assets have seen global selloffs, crude oil and the US dollar are holding firm.

Domestic (MCX): Gold opened with a gap down and is currently trading with a weak undertone below the Rs 1,43,500 per 10 grams mark.

Technical Outlook: Immediate support rests at Rs 1,43,000–Rs 1,42,500. A break below this could pull prices down to Rs 1,41,000. Resistance is noted at Rs 1,43,700–Rs 1,44,000.

Global (COMEX): Spot gold has dropped below $4,070 per ounce, marking its second consecutive daily decline. It continues to trade with a weak undertone below the key $4,100 threshold.

Domestic (MCX): After crashing by over Rs 1,000 to an intraday low of Rs 2,21,502 per 1 kg, MCX Silver staged a mild recovery. It is currently hovering around the Rs 2,23,192 mark (down 0.11%).

Technical Outlook: Key support holds at Rs 2,20,000–Rs 2,19,000. To regain positive momentum, it needs to reclaim and hold above the Rs 2,24,000–Rs 2,25,000 resistance zone.

Global (COMEX): Spot silver dropped 1%, trading just below $58 per ounce.

Counter-Trend Note: Bucking the global downturn, India’s Gold ETFs recorded 8 million in net inflows for June, reversing May’s outflows as domestic investors utilized price dips as a buying window.